PE-backed Fusion Retail hires PwC to explore brand sales
Australian fashion group Fusion Retail Brands, which is backed by Nomura Private Equity Capital, Anchorage Capital Partners, NAB and Ice Canyon, has appointed PricewaterhouseCoopers (PwC) to explore its sale options in the wake of weak consumer sentiment amid an economic slowdown.
According to the Wall Street Journal, PwC's mergers and acquisitions team has begun sounding out potential buyers for two of the retailer's brands-JAG and Dianna Ferrari. The brands have 28 and 35 stores across Australia, respectively, whith Diana Ferrari products also being sold in large department stores.
PwC will also launch a separate sale process for Fusion Retail's footwear business, which includes the brand Mathers and Williams. The business delivers combined annual sales around AUD$160 million ($164 million) for more than 200 stores. Previously known as Colorado Group, Fusion Retail emerged from administration in 2011 and converted the majority of its debt into equity.
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